Snap-On Incorporated $SNA Position Boosted by Allstate Corp

Allstate Corp grew its position in shares of Snap-On Incorporated (NYSE:SNA) by 101.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,629 shares of the company’s stock after buying an additional 1,831 shares during the quarter. Allstate Corp’s holdings in Snap-On were worth $1,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in SNA. Victory Capital Management Inc. lifted its holdings in shares of Snap-On by 346.0% during the 3rd quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after buying an additional 216,813 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in Snap-On in the fourth quarter valued at $69,751,000. UBS Group AG grew its holdings in shares of Snap-On by 30.7% during the fourth quarter. UBS Group AG now owns 617,620 shares of the company’s stock worth $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Snap-On by 17.5% in the second quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company’s stock valued at $249,073,000 after acquiring an additional 119,089 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Snap-On by 3,608.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 78,844 shares of the company’s stock valued at $27,170,000 after buying an additional 76,718 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SNA shares. Roth Mkm reaffirmed a “buy” rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Robert W. Baird raised their price target on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Finally, Barclays started coverage on Snap-On in a report on Thursday. They set an “overweight” rating and a $420.00 price objective for the company. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Snap-On presently has a consensus rating of “Moderate Buy” and an average target price of $387.67.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the sale, the chief financial officer owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by corporate insiders.

Snap-On Stock Performance

Shares of NYSE:SNA opened at $371.75 on Friday. The firm has a 50 day moving average of $371.30 and a 200 day moving average of $364.00. The company has a market capitalization of $19.26 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 2.63 and a beta of 0.75. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $4.51 earnings per share. On average, sell-side analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On’s dividend payout ratio is 50.39%.

Snap-On announced that its board has initiated a stock buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.